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The 13 Best Things to do Before You Leave Lumen's Payroll

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Losing your job is a catastrophic event for many folks and the people around them. While these times may seem like the lowest of lows, it is advised to refrain from making abrupt decisions that could further drive you down. Here are a few tips to consider before leaving Lumen.

1-  BEFORE YOU LOSE YOUR JOB , open a line of credit at your bank or credit union. In addition, we advise you to open at least one credit card, or increase the credit limit on card(s) you already have. It is exceedingly hard to get a loan, get a line of credit or open a credit card after you lose your job. As you would expect, banks almost certainly do not want to lend money to people who are unemployed and since you don’t know how long it may take to find your next job, nor what emergencies may come up in the future, it’s wise to consider a back up plan for how you can access cash if need be. Though subtle, it is really important and wise to do, so don’t discount it. You won’t realize it probably, but many of you have never had a low credit score, or NOT been able to get a credit card, or a loan. As many of you are used to earning money your whole life, it’s something you just would never even consider. When you are unemployed, your credit rating and ability to get credit will almost certainly take a hit.

2-  Build your resume and skills list using Career Path.  Once your resume is polished, get on LinkedIn to pursue opportunities and connect with employers, friends, or even old coworkers. In addition, there should be some helpful posts located in the T-Space “Surplus Support” group with information on ways do this more easily

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3-  Seek out and copy all Surplus Notifications.  Take the extra step and print all your Surplus Notification materials, while also saving them as a PDF so you have a backup ready.

4-  Keep a journal and jot down any thoughts , information, or really just anything that you want to take note of. Journal keeping is a great way to deal with these times. Not only does it help keep track of crucial information, but it helps keep tabs on discussions you have with any superiors regarding your surplus activities, and impending layoff. When stressed, it’s just good to keep good, accurate notes, with dates and times of discussions and who the participants of those discussions are.

5-  Ask why and resolve anything you’re uncertain about.  I’ve spoken with numerous people involved in this situation and have encountered an alarming amount of people that are STILL wondering what the criteria was that dictated their place the surplus list. Rather than letting this simmer in your mind, it’s smart and sometimes relieving to ask your supervisor or leadership team what the decision criteria was.

6-  It’s also recommended to make a list  of those around you whom you know are on the same boat as you, the surplus list. It is wise to remain in touch, support each other or just know who’s been cut. Get on Linkedin and connect with those close to you. You may feel upset or embarrassed, and your instinctive reaction may be to run away and hide. Confiding in positive-minded family, friends, former colleagues , and even career counselors and support groups can make a huge difference for you, and can help gain an alternative perspective on your situation. You are not alone. Many others in your company are in the same boat and they also want to discuss their frustrations.

7-  Read and analyze all documents thoroughly.  The ADEA sheets will list, by job title, the age of those in your universe, the population total of people in your universe with that title at that age, the number “selected” to participate in the surplus, and the number not selected. These documents convey how the universe maps by age and job title. When going through them, look out for anything that may be considered age discrimination. Typically, an excel file would be more helpful when sorting out this information.

8-  Print out/download  your entire corporate training history.

9-  Print out/download  all your previous year’s YTR (Your Total Rewards) statements.

10-  Print out/download  your appraisal history.

11-  Print out/download  your pay stubs.

12-  Go through your Outlook and download any contacts  you’d like to retain in your life – friends, colleagues, etc.

13-  NETWORK, network, network.  OR Linkedin , Linkedin, Linkedin. Whatever the source attempt to make as many connections as you can, and maintain your contacts – with peers, supervisors, vendors, etc. Despite your employment ending at Lumen, your relationship with everyone at Lumen doesn’t have to terminate as well. Some of these folks could play a huge role in helping you find your next endeavor?

What specific retirement benefits does Lumen Technologies, Inc. offer to employees who have dedicated many years of service to the company? In what ways do these benefits reflect Lumen's commitment to taking care of its employees post-retirement, and how do they align with the company's overall values regarding employee welfare and support?

Retirement Benefits: Lumen Technologies offers its employees retirement benefits that include 401(k) plans and pension options, reflecting its commitment to post-retirement welfare. These benefits are aligned with Lumen’s values of providing security and care for its employees after years of dedicated service. They are designed to ensure long-term financial stability for retirees, aligning with Lumen's mission of enhancing employee well-being​(Lumen Technologies Inc_…).

As an employee of Lumen Technologies, Inc., how can you effectively plan for your retirement to maximize your benefits? What factors should you consider, and what resources does Lumen provide to help employees navigate the complexities of retirement planning to ensure a secure financial future?

Retirement Planning: As an employee of Lumen Technologies, you should consider factors like years of service, retirement plan contributions, and projected retirement age to maximize your benefits. Lumen provides resources such as retirement calculators and financial planning tools to help employees navigate these complexities and secure their financial future post-retirement​(Lumen Technologies Inc_…).

How do Lumen Technologies, Inc.'s retirement plans compare with the industry standards? In which areas can Lumen improve its offerings to remain competitive and retain top talent while ensuring the financial security of its employees in their retirement years?

Comparison with Industry Standards: Lumen’s retirement plans are competitive within the industry, but improvements could be made in areas such as enhanced pension offerings or matching contributions in the 401(k) plans to attract and retain top talent. This would ensure financial security for employees in their retirement years while keeping Lumen competitive in the market​(Lumen Technologies Inc_…).

Can you explain the role of the HRCC (Human Resources and Compensation Committee) at Lumen Technologies, Inc. in overseeing employee retirement plans? What measures does this committee take to ensure that retirement benefits remain aligned with the organization’s goals and employee expectations?

HRCC Role in Retirement Plans: The Human Resources and Compensation Committee (HRCC) at Lumen oversees retirement benefits to ensure they align with the company’s goals and employee expectations. The committee reviews and updates the plans regularly, ensuring they remain relevant and meet both the company’s financial objectives and the needs of its employees​(Lumen Technologies Inc_…).

What changes to federal regulations or IRS limits in 2024 could potentially impact Lumen Technologies, Inc.'s retirement plans? How should employees prepare for these potential changes to ensure they are fully utilizing their benefits?

Federal Regulation Changes in 2024: Changes to IRS limits or federal regulations, such as adjustments to contribution caps or tax deductions, could impact Lumen’s retirement plans. Employees should stay informed about these changes to fully utilize their benefits, and Lumen’s HR team provides updates and resources to assist in navigating these regulatory adjustments​(Lumen Technologies Inc_…).

How does Lumen Technologies, Inc. ensure that all employees are aware of their retirement options? What communication strategies does the company employ to make sure employees understand the specifics of their retirement benefits and the necessary steps for enrollment or participation?

Employee Awareness of Retirement Options: Lumen employs a variety of communication strategies, including workshops, online resources, and HR consultations, to ensure that employees are aware of their retirement options. Regular updates and easy access to information help employees understand the steps needed for enrollment or participation​(Lumen Technologies Inc_…).

In the event of unforeseen circumstances, such as death or disability, how does Lumen Technologies, Inc. protect the retirement benefits of its employees and their families? What provisions are specifically designed to support employees and their loved ones during these challenging times?

Protection of Retirement Benefits: In cases of death or disability, Lumen has provisions to protect retirement benefits for employees and their families. Survivor benefits and disability accommodations are designed to provide continued financial security for employees and their loved ones during challenging times​(Lumen Technologies Inc_…).

For employees nearing retirement at Lumen Technologies, Inc., what strategies should they adopt to ensure they transition smoothly out of the workforce? What resources or programs does Lumen offer to assist employees during this significant life change?

Transitioning to Retirement: Employees nearing retirement at Lumen can benefit from financial planning tools and transition programs offered by the company. These resources help ensure a smooth exit from the workforce and provide the necessary support for this significant life change​(Lumen Technologies Inc_…).

How is Lumen Technologies, Inc. addressing the challenges of an aging workforce regarding retirement readiness? What initiatives or programs are in place to help older employees prepare for retirement and to facilitate knowledge transfer to younger employees?

Addressing an Aging Workforce: Lumen is addressing retirement readiness through programs that help older employees prepare for their transition into retirement. These initiatives include financial education, retirement planning resources, and mentorship programs to facilitate knowledge transfer to younger employees​(Lumen Technologies Inc_…).

For employees who wish to learn more about the retirement benefits and planning processes offered by Lumen Technologies, Inc., what contact methods are available? How can employees reach out to the appropriate department for detailed inquiries and assistance regarding their retirement options?

Contact Methods for Retirement Inquiries: Employees wishing to learn more about Lumen’s retirement benefits can reach out to the HR department via phone, email, or the company’s internal benefits portal. Lumen’s HR team provides detailed assistance regarding retirement options and planning​(Lumen Technologies Inc_…).

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
Lumen Technologies offers both a traditional defined benefit pension plan and a defined contribution 401(k) plan. The defined benefit plan provides retirement income based on years of service and final average pay. The 401(k) plan features company matching contributions and various investment options, including target-date funds and mutual funds. Lumen provides financial planning resources and tools to help employees manage their retirement savings.
Restructuring and Layoffs: Lumen Technologies is implementing a restructuring plan that includes laying off approximately 2,500 employees to reduce costs and improve operational efficiency (Source: Wall Street Journal). Strategic Focus: The company is shifting its focus towards higher-margin services like cloud computing and cybersecurity. Financial Performance: Lumen reported a 4% increase in net income for Q2 2023, reflecting the success of its strategic initiatives (Source: Lumen).
Lumen Technologies grants RSUs that vest over time, converting into shares upon vesting. Stock options are also available, allowing employees to purchase shares at a fixed price.
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For more information you can reach the plan administrator for Lumen at 2500 w utopia rd Phoenix, AZ 85027-4129; or by calling them at 623-582-7000.

https://www.lumen.com/documents/pension-plan-2022.pdf - Page 5, https://www.lumen.com/documents/pension-plan-2023.pdf - Page 12, https://www.lumen.com/documents/pension-plan-2024.pdf - Page 15, https://www.lumen.com/documents/401k-plan-2022.pdf - Page 8, https://www.lumen.com/documents/401k-plan-2023.pdf - Page 22, https://www.lumen.com/documents/401k-plan-2024.pdf - Page 28, https://www.lumen.com/documents/rsu-plan-2022.pdf - Page 20, https://www.lumen.com/documents/rsu-plan-2023.pdf - Page 14, https://www.lumen.com/documents/rsu-plan-2024.pdf - Page 17, https://www.lumen.com/documents/healthcare-plan-2022.pdf - Page 23

*Please see disclaimer for more information

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